Tesla losses spike as it fights to ramp up Model 3

Tesla losses spike as it fights to ramp up Model 3

Tesla losses spike as it fights to ramp up Model 3

It looks like Tesla is prioritising the more expensive versions of the vehicle over the loss-making base variants, but the report mentions that it was not an unexpected move.

And it's not about to ease up on the spending. The company has never made a full-year profit since it went public in 2010. (That will make the range from Model S, 3, X and Y).

The electric auto company continues to predict it will be able to produce 5,000 Model 3 vehicles a week by the end of the second quarter of this year.

Tesla's future as a mass-market carmaker hinges on automated production of the Model 3, which more than 400,000 people have already reserved, paying $1,000 refundable fees to do so.

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More: A Tesla Roadster in orbit.

But it was also a year of manufacturing setbacks that Musk said, last quarter, had put the Model 3 "deep in production hell".

"It is important to note that while these are the levels we are focused on hitting and we have plans in place to achieve them, our prior experience on the Model 3 ramp has demonstrated the difficulty of accurately forecasting specific production rates at specific points in time", the company wrote in a letter to shareholders Wednesday.

"It's ironic since battery modules should be the thing we are best at", Musk told analysts. The company should get out of production hell soon, he said.

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Musk said he was "cautiously optimistic" Tesla would become profitable, though he didn't say when.

- Tesla expects to send one of its EVs on an autonomous coast-to-coast road trip in the USA in three to six months.

On the energy front, in the fourth quarter, it deployed 143MWh of storage products an increase of 45 percent from the same time a year ago.

- He is reasonably confident the company can reach positive cash flow probably in Q3, four or five months from now.

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